The world's biggest free trade pact, the Regional Comprehensive Economic Partnership, was signed between China and 14 other nations on Sunday. Signatories included 10 members of the Association of South East Asian Nations and five major trading partners. A signing ceremony was held online by the 15 trade ministers on Sunday, on the sidelines of a virtual ASEAN meeting chaired in the Vietnamese capital, Hanoi.
What is the RCEP?
It's a 20-chapter agreement to reduce or remove trade tariffs in a number of areas, including on agricultural and industrial products. It also sets out rules for data transmission between the signatories. The countries signing the trade pact represent 30 per cent of the global economy, the combined equivalent of about $26 trillion of GDP, and 30 per cent of the world's population, or about 2.2 billion consumers.
How did it come about?
The deal began life in 2012, when ASEAN nations started discussions on harmonising trade policies, and has taken eight years to negotiate. Signatories include the 10 ASEAN nations – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and major trading partners Australia, China, Japan, New Zealand and South Korea.
Why is it important?
The agreement could give a "significant boost to foreign direct investment" in the region, particularly as it faces upheaval caused by Covid-19, according to the United Nations Council on Trade and Development. Countries that signed the pact are facing a 15 per cent decline in FDI to a combined $310 billion this year.
Intra-regional investment, at 30 per cent of the total, has significant room for growth. FDI, investment by multinational enterprises (particularly those based in China and Singapore), and global value chains emanating from the region are all likely to benefit from the pact, UNCTAD said on Sunday. The least-developed countries – Cambodia, Laos and Myanmar – are the most likely to benefit as they typically receive more FDI from neighbouring RCEP members. Investment in infrastructure and industry would also improve their participation in global trade.
Why did it take so long?
Trade deals often take a long time to negotiate due to disagreements over their size and scope. In this instance, India was originally included in the talks and would have been the third-largest economy to participate, but it withdrew in November last year, with Prime Minister Narendra Modi concerned that it would widen existing trade deficits and hurt the country's farming industry. Others, including US Commerce Secretary Wilbur Ross, argued the pact didn't go far enough. He described it to Bloomberg as a "low-grade treaty" that didn't even warrant being described as a trade agreement. The RCEP still needs to be ratified by all signatory nations before it comes into force.
Wasn't the US pursuing something similar?
It was. The Trans-Pacific Partnership was an attempt by the former Obama administration to deepen trade links among the US and other Asian nations – in part to curtail China's growing regional influence. This was broader in scope than the RCEP, but the Trump administration pulled out of talks in 2017, with the president saying that it would pursue bilateral trade deals instead.
Where does this agreement leave that deal?
It's not clear when, or even if, a Biden administration would look to revive the Trans-Pacific Partnership. The Democratic Party's election platform said it would "work to strengthen ties with and between our key allies in the [Asia-Pacific] region, including Japan, South Korea, and Australia", but also said it would "protect the American worker from unfair trade practices by the Chinese government".
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
UAE currency: the story behind the money in your pockets
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Specs%20
%3Cp%3E%3Cstrong%3EPower%20train%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%20and%20synchronous%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%20%3C%2Fstrong%3E800hp%3Cbr%3E%3Cstrong%3EMax%20torque%3A%20%3C%2Fstrong%3E950Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20auto%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E25.7kWh%20lithium-ion%3Cbr%3E0-100km%2Fh%3A%203.4sec%3Cbr%3E0-200km%2Fh%3A%2011.4sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E312km%2Fh%3Cbr%3E%3Cstrong%3EMax%20electric-only%20range%3A%3C%2Fstrong%3E%2060km%20(claimed)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Q3%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.2m%20(estimate)%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.